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Asia methyl tertiary butyl ether price is expected to continue on an uptrend

February 24/2011

(ICIS) -- Asia methyl tertiary butyl ether (MTBE) price is expected to continue on an uptrend after crossing the $1,000/tonne (?730/tonne) mark this week, due to the global oil rally and strong demand for the octane booster, traders said on Thursday.


MTBE prices were assessed as $1,000-1,020/tonne FOB (free on board) Singapore on Wednesdays close, the highest since 5 September 2008, ICIS data showed. Prices could scale higher amid surging global crude futures, a trader said.


Heightened tension in Libya, which supplies 2% of the global oil production, is sending jitters across global markets - energy, commodities and stocks - with U.S. crude futures hitting a two-and-a-half year high on Wednesday.


Meanwhile, artificially capped pump prices in China created a difficult situation for the domestic Chinese MTBE market, traders said.


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